ENGINEERING tycoon Jim McColl has backed moves by the Three Bears consortium and South African businessman Dave King to rescue Rangers while calling for chairman David Somers to stand down.

The 63-year-old, who is one of Scotland's wealthiest men, declared his position as he donated all his 10,000 shares to Rangers First, a community-interest company with an equity-buying scheme aimed at putting the club back in the hands of the Ibrox faithful.

It came as the board of Rangers International Football Club plc rejected a possible £18m takeover offer from NBA franchise owner and banking magnate Robert Sarver, saying it undervalues the business.

Mr McColl, chairman and chief executive officer of Clyde Blowers Capital, previously failed with others to oust Mr Somers and other executives at the 2013 AGM.

Former Rangers director Dave King has said he was prepared to work with the Three Bears alliance of motor group mogul Douglas Park, Hong Kong-based George Taylor, a director with Morgan Stanley, and wealthy supporter George Letham who together have 38.1% of the RIFC shares.

Mr King saw a £16 million takeover offer rejected in November in favour of Newcastle United and Sports Direct owner Mike Ashley's initial £2 million loan tied to a security over assets, amid disputed claims by Rangers chairman David Somers there was insufficient information on the availability of funds or identity of investors.

The Three Bears previously offered £6.5m to purchase all of 40,739,000 new shares in a failed equity issue plan and had been looking to gain two places on the board.

Mr McColl was critical of Mr Somers in the wake of the board's decision to take another £500,000 emergency loan from Sandy Easdale.

He claimed that Mr Somers had "many options that were far superior before", and called for the chairman to step down.

Mr McColl added: "I am very encouraged by the recent moves by the Three Bears and our friend out in South Africa. I think that is a great development.

"Douglas Park and his team, and (Dave) King, I think they are absolutely the right people to be doing this and it is great to see the changes eventually happening...I am glad it is all working out."

Asked if he believed the situation could have a happy ending, Mr McColl replied: "I think this is the beginning of a new start for them (Rangers). I think it will come to a very happy ending."

Asked if he believed Rangers had been right to reject a takeover bid from Mr Sarver, Mr McColl replied: "I think they have a right to reject a bid for a full takeover."

But he signalled a belief that Mr Sarver might be willing to work with the Three Bears and the South Africa-based businessman.

He said: "I think with Douglas Park and his team and Dave King coming in, from what I understand the American would be happy to work with them."

Mr McColl urged his fellow fans to follow his lead, as he said: "I was happy with the aims of Rangers First in uniting the fan shareholders and I have gifted my shares to Rangers First.

"I encourage other supporters to look at their aims and decide for themselves.

Rangers First, who have set up a similar scheme to the one used to rescue Hearts from their administration battle, has already bought up 600,000 shares - around 0.75 per cent of the club's total equity which has been mostly paid for by donations and monthly subscriptions from its 2,000-plus contributors.

Since news of King's 14.6 per cent share purchase on New Year's Eve, they have signed up another 424 members including a dozen fans who have splashed out £500 for life-time packages.

They now plan to snap up another 40,000 shares in the coming days.

A Rangers First spokesperson said: "The Rangers First support are committing to the future of the club. Players and directors come and go, but the fans are the one constant. More and more fans are now stepping up everyday. The fans will always be there."

The club was unavailable for comment.